Severn Trent snubs Warburg for CSFB

Severn Trent, the Midlands water company capitalised at £2.18bn (E3.36bn), has quietly dropped Warburg Dillon Read in favour of CSFB as its joint broker.

Severn, chaired by David Arculus, had kept quiet about the new move but the company confirmed that it had replaced Warburg with its major Swiss-owned rival. A Warburg spokesperson said: "It's a matter of policy not to discuss client matters.' Severn Trent, which dropped out of the FTSE 100 last month, had been a client of the old UBS brokerage business before the Warburg...